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Gold price has managed to grow this week and now is trading near resistance (descending trendline), if the price will have the power to break this resistance then this bullish movement will continue with first target at 1238.256 or even higher at the 38.2% resistance level. We have to be prepared to go short if we’ll have a rejection from resistance line, in this case the price will decrease to re-test the support zone (1182-1180). You have to know that the gold is still bearish on long term but if my first scenario will take shape, the price will try to reach new highs again.

GOLD - Daily chart

 
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